Parboiled Rice Export Duty Extended: The government has decided to extend the export duty (Export Duty on Parboiled Rice) till 31 March 2024 to control the price of rice in the domestic market before the beginning of the festive season. Have done. The Finance Ministry issued a notification on this matter. It is worth noting that in order to control the rising prices of rice in the domestic market, the government had decided in August to impose 20 percent export duty on the export of boiled rice.
At that time the government had implemented this decision till October 16, 2023. It is noteworthy that the Government of India was able to control the price of non-Basmati rice through these efforts. Non-Basmati rice accounts for 25 percent of the total rice exported from India.
Government is continuously taking steps to control the price of rice
Modi government has been taking several steps since last year to control food inflation. Earlier, the government had decided to ban the export of non-Basmati white rice to control the price of rice during the festive season. The export of broken rice was also banned in September last year.
A total of 15.54 lakh tonnes of non-Basmati white rice was exported between April and June quarter of this financial year. Whereas last year only 11.55 lakh tonnes were exported during this period. In such a situation, imposition of export duty will reduce the export of rice and will help in controlling the prices of rice in the domestic market.
The effect of the government’s efforts is visible
Before the beginning of the festive season, the government’s efforts seem to be bearing fruit. After the fall in the prices of food items in September 2023, there has been a big decline in the retail inflation rate and it has come down to 5.02 percent. Earlier in August 2023 it was 6.83 percent. Whereas in July 2023, it remained at its highest level of 7.44 percent in 15 months.
According to the data of the Ministry of Statistics, the biggest reason behind the decline in inflation is the decline in food inflation rate. The food inflation rate was 9.94 percent in August 2023, which has come down to 6.56 percent in September. To control food inflation, the government has taken many important decisions related to rice, wheat and vegetables.
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